What is an escrow account?

In this article we explain what the Escrow account is

Alexia Frieberg avatar
Written by Alexia Frieberg
Updated over a week ago

An escrow account can be seen as a third party in a purchase transaction and it is used to protect both parties during a transaction.

The purchase sum is transferred to the account by the buyer and stays there safely until both the buyer and the seller fulfill their parts of the agreement. So when the transaction is finalized and both parties have confirmed the handover the purchase sum is released to the seller.

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